Forest City completes sale of Brooklyn development site for $158 million

CLEVELAND, Jan. 14, 2016 /PRNewswire/ -- Forest City Realty Trust, Inc. (NYSE: FCEA and FCEB) announced today that it has closed the sale of 625 Fulton Street, an unencumbered development site in Brooklyn, New York, to The Rabsky Group. The sale price was $158 million, of which $100 million was paid at closing with the balance due in 90 days.

"With the brisk pace of our other development activity in our New York core market, including Pacific Park Brooklyn and the Bridge at Cornell Tech on Roosevelt Island, this sale was a great opportunity to capture risk-adjusted value to contribute to our deleveraging goals," said David J. LaRue, Forest City president and chief executive officer. "At approximately $255 per square foot, based on the current zoning, the sale also validates the remarkable strength of the Brooklyn market and bodes well for future development opportunities. I want to thank everyone involved, particularly our New York team, for bringing this opportunity to fruition."

About Forest CityForest City Realty Trust, Inc. is an NYSE-listed national real estate company with $10.0 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.